Contents

Fund Information 2

Fund Performance 2

Statement Of Distribution Of Returns 6

Manager’s Report 7

Trustee’s Report 14

Statement By Manager 15

Independent Auditors’ Report 16

Statement Of Assets And Liabilities 19

Statement Of Income And Expenditure 20

Statement Of Changes In Net Asset Value 21

Statement Of Cash Flows 22

Notes To The Financial Statements 23

Corporate Information 41

Network Of Public Mutual Branch And Agency Offices 43

Public SmallCap Fund • 1

Fund Information Fund Performance
For the Financial Year Ended 31 August 2018

Fund Name Annual Total Return for the Financial Years Ended 31 August
Public SmallCap Fund (P SmallCap) Year 2018 2017 2016 2015 2014
P SmallCap (%) -6.29 12.86 11.79 -4.46 22.03
Fund Category
The calculation of the above returns is based on computation methods of Lipper.
Equity
Notes:
Fund Investment Objective 1. Total return of the Fund is derived by this formulae:
To achieve high capital growth through investments in companies with
small market capitalisation with special focus on growth stocks. ( End of Period FYCurrent Year NAV per unit
End of Period FYPrevious Year NAV per unit )
(Adjusted for unit split and distribution paid out for the period)
-1

Fund Performance Benchmark

The above total return of the Fund was sourced from Lipper.
The benchmark of the Fund is the FTSE Bursa Malaysia Small Cap Index.
The P SmallCap is not in any way sponsored, endorsed, sold or promoted by FTSE International 2. Average total return is derived by this formulae:
Limited (“FTSE”) or by Bursa Malaysia Berhad (“BURSA MALAYSIA”) or by the London Stock
Exchange Group companies (the “LSEG”) and neither FTSE nor BURSA MALAYSIA nor LSEG Total Return
makes any warranty or representation whatsoever, expressly or impliedly, either as to the Number of Years Under Review
results to be obtained from the use of the FTSE BURSA MALAYSIA SMALL CAP INDEX (“the
Index”), and/or the figure at which the said Index stands at any particular time on any particular
day or otherwise. The Index is compiled and calculated by FTSE. However, neither FTSE nor Other Performance Data for the Past Three Financial Years
BURSA MALAYSIA nor LSEG shall be liable (whether in negligence or otherwise) to any person
for any error in the Index and neither FTSE nor BURSA MALAYSIA nor LSEG shall be under Ended 31 August
any obligation to advise any person of any error therein.
2018 2017 2016
“FTSE®”, “FT-SE®” and “Footsie®” are trade marks of LSEG and are used by FTSE under
licence. “BURSA MALAYSIA” is a trade mark of BURSA MALAYSIA. Unit Prices (MYR)*
Highest NAV per unit for the year 0.8908 0.9560 0.9006
Fund Distribution Policy Lowest NAV per unit for the year 0.7841 0.8288 0.7989
Incidental Net Asset Value (NAV) and Units in
Circulation (UIC) as at the End of
Breakdown of Unitholdings of P SmallCap as at 31 August 2018 the Year
Total NAV (MYR’000) 1,058,206 1,161,182 1,061,248
Size of holdings No. of % of No. of units
UIC (in ’000) 1,346,959 1,301,558 1,257,622
unitholders unitholders held (million)
NAV per unit (MYR) 0.7856 0.8921 0.8439
5,000 and below 8,130 19.49 23
Total Return for the Year (%) -6.29 12.86 11.79
5,001 to 10,000 6,644 15.93 50
Capital growth (%) -7.71 11.13 10.26
10,001 to 50,000 20,289 48.65 470
Income (%) 1.54 1.56 1.39
50,001 to 500,000 6,545 15.69 701
500,001 and above 101 0.24 103 Management Expense Ratio (%) 1.54 1.55 1.57
Portfolio Turnover Ratio (time) 0.08 0.05 0.04
Total 41,709 100.00 1,347
* All prices quoted are ex-distribution.
Note: Excluding Manager’s Stock.
Notes: Management Expense Ratio is calculated by taking the total management expenses
expressed as an annual percentage of the Fund’s average net asset value.
Fund Performance
Portfolio Turnover Ratio is calculated by taking the average of the total acquisitions and
disposals of the investments in the Fund for the year over the average net asset value
Average Total Return for the Following Years Ended of the Fund calculated on a daily basis.
31 August 2018
Average Total
Return of P SmallCap (%)
1 Year -6.29
3 Years 6.06
5 Years 7.56

2 • Public SmallCap Fund Public SmallCap Fund • 3

Fund Performance Fund Performance
For the Financial Year Ended 31 August 2018 For the Financial Year Ended 31 August 2018

Distribution and Unit Split Asset Allocation for the Past Three Financial Years (cont’d)
Financial year 2018 2017 2016 As at 31 August
Date of distribution 30.8.18 30.8.17 30.8.16 (Percent of NAV)
Distribution per unit 2018 2017 2016
Gross (sen) 5.00 6.00 5.00 % % %
Net (sen) 5.00 6.00 5.00
Singapore
Unit split - - -
Financial - - 1.2
Industrial 1.3 1.2 0.8
Impact on NAV Arising from Distribution (Final) for the
Financial Years 1.3 1.2 2.0
2018 2017 2016 Taiwan
Sen Sen Sen Industrial - - 0.5
per unit per unit per unit
TOTAL QUOTED EQUITY
Net asset value before distribution 83.56 95.21 89.39 SECURITIES 71.3 73.4 74.3
Less: Net distribution per unit (5.00) (6.00) (5.00)
COLLECTIVE INVESTMENT FUNDS
Net asset value after distribution 78.56 89.21 84.39 Quoted
Malaysia
Past performance is not necessarily indicative of future performance and unit Financial 10.1 9.8 11.2
prices and investment returns may go down, as well as up.
Outside Malaysia
Asset Allocation for the Past Three Financial Years United States
Funds - - 1.4
As at 31 August
(Percent of NAV) TOTAL QUOTED COLLECTIVE
INVESTMENT FUNDS 10.1 9.8 12.6
2018 2017 2016
% % % COLLECTIVE INVESTMENT
EQUITY SECURITIES SCHEMES
Quoted Unquoted
Malaysia Funds 6.1 4.4 -
Ordinary Shares
TOTAL UNQUOTED COLLECTIVE
Communications 7.5 9.3 9.3
INVESTMENT SCHEMES 6.1 4.4 -
Consumer, Cyclical 8.0 7.2 8.2
Consumer, Non-cyclical 3.9 4.9 4.7 DEPOSITS WITH FINANCIAL
Diversified 4.8 5.8 4.9 INSTITUTIONS 14.7 14.5 18.8
Energy 1.7 - -
Financial 18.7 18.1 19.0 OTHER ASSETS & LIABILITIES -2.2 -2.1 -5.7
Industrial 17.0 19.1 19.0
Technology 4.4 4.0 2.4
66.0 68.4 67.5
Preference Shares
Financial 4.0 3.8 3.1
Outside Malaysia
Hong Kong
Communications - - 1.1
Indonesia
Consumer, Non-cyclical - - 0.1

4 • Public SmallCap Fund Public SmallCap Fund • 5

Statement Of Distribution Of Returns Manager’s Report
For the Financial Year Ended 31 August 2018

Sen Per Unit Overview

Gross Distribution 5.0000 This Annual Report covers the financial year from 1 September 2017 to
Net Distribution 5.0000 31 August 2018.
Total Returns -5.6500
Public SmallCap Fund (P SmallCap or the Fund) aims to achieve high
Effects of Distribution on NAV per unit before and after capital growth through investments in companies with small market
capitalisation with special focus on growth stocks.
Distribution:
For the financial year under review, the Fund registered a return of -6.29%
Before After
as compared to its Benchmark’s return of -13.70%. The Fund’s equity
Distribution Distribution
portfolio registered a return of -6.98% while its money market portfolio
NAV per unit (MYR) 0.8356 0.7856 registered a return of +3.17% during the financial year under review. A
detailed performance attribution analysis is provided in the sections below.
For the five financial years ended 31 August 2018, the Fund registered a
return of +37.84% and outperformed the Benchmark’s return of +0.04%
over the same period. Consequently, it is the opinion of the Manager that
the Fund has met its objective of achieving high capital growth over the
said period.

Performance of P SMALLCAP
from 31 August 2013 to 31 August 2018
50%

P SMALLCAP BENCHMARK
40%

Returns from Start of Period

30%

20%

10%

0%

-10%
2013 2014 2015 2016 2017 2018

The Fund’s Benchmark is the FTSE Bursa Malaysia Small Cap Index which
comprises eligible companies within the top 98% of the Bursa Malaysia
Main Market excluding constituents of the FTSE Bursa Malaysia Top 100
Index.

Income Distribution and Impact on NAV Arising from

Distribution
The gross distribution of 5.00 sen per unit (net distribution of 5.00 sen per unit)
for the financial year ended 31 August 2018 had the effect of reducing the
Net Asset Value (NAV) of the Fund after distribution. As a result, the NAV per
unit of the Fund was reduced to RM0.7856 from RM0.8356 after distribution.

6 • Public SmallCap Fund Public SmallCap Fund • 7

Manager’s Report Manager’s Report

Effect of Distribution Reinvestment on Portfolio Exposures Sector Allocation

31-Aug-18 In terms of sector allocation within the equity portfolio, the top 5 sectors
Before Distribution After Distribution accounted for 70.1% of the NAV of the Fund and 86.1% of the Fund’s equity
Reinvestment* Reinvestment* portfolio. The weightings of the top 5 sectors in Malaysia (unless otherwise
indicated) are in the following order: Financial (32.8%), Industrial (17.0%),
Equities & Related Securities 81.4% 76.5% Consumer, Cyclical (8.0%), Communications (7.5%) and Diversified (4.8%).
Money Market 18.6% 23.5%
* Assumes full reinvestment. Money Market Portfolio Review
During the financial year under review, the Fund’s money market portfolio,
Change in Portfolio Exposures from 31-Aug-17 to 31-Aug-18 which was invested primarily in deposits, yielded a return of +3.17%. In
Average comparison, the Bank Negara Weighted Average Overnight Interbank Rate
31-Aug-17 31-Aug-18 Change Exposure (Overnight Rate) registered a return of +3.10% over the same period.

Equities & Related Securities 78.0% 76.5% -1.5% 76.93% During the financial year under review, the Fund’s exposure to money
Money Market 22.0% 23.5% +1.5% 23.07% market investments increased from 22.0% to 23.5% following the disposal
of selected equity investments. Based on an average exposure of 23.07%,
Returns Breakdown by Asset Class the money market portfolio is estimated to have contributed +0.73% to the
Fund’s overall return for the financial year under review.
Market /
Returns On Benchmark Benchmark Average Attributed Stock Market Review
Investments Returns Index Used Exposure Returns
Starting the financial year under review at 1,773.16 points, the FTSE Bursa
Equities &
Malaysia KLCI (FBM KLCI) traded in a tight range in September 2017 due
Related
to a lack of fresh leads. The Index retraced in October and November 2017
Securities -6.98% -13.70% FBMSC 76.93% -5.37%
as market sentiment was dampened by a selldown in selected blue chips
Money Overnight
before subsequently rebounding in December 2017 and January 2018
Market 3.17% 3.10% Rate 23.07% 0.73%
on the back of firmer oil prices and buying interest from foreign investors.
less: In early February 2018, the Index fell in tandem with global markets on
Expenses -1.65% concerns over the prospect of higher-than-expected interest rates in the
U.S.
Total Net
Return for The FBM KLCI subsequently rebounded to an all-time closing high of
the Year -6.29% 1,895.18 points on 19 April 2018 amid net foreign inflows before easing in
early May 2018 ahead of Malaysia’s 14th General Election. Post-election,
FBMSC = FTSE Bursa Malaysia Small Cap Index the local market moved in a trading range before trending lower from late
Overnight Rate = Bank Negara Weighted Average Overnight Interbank Rate May to June 2018, weighed by foreign selling amid the outflow of funds
from the emerging markets. The FBM KLCI subsequently rebounded in
Equity Portfolio Review July and August 2018 amid renewed buying interest and closed at 1,819.66
For the financial year under review, the Fund’s equity portfolio registered points to register a gain of 2.62% for the financial year under review.
a return of -6.98% as compared to the Benchmark’s return of -13.70%. Small-cap stocks, as proxied by the FBM Small Cap (FBMSC) Index,
The Fund’s equity portfolio outperformed the Benchmark as the Fund’s started the financial year under review at 16,747.36 points. The Index
selected holdings within the Industrial and Consumer sectors outperformed strengthened in September and October 2017 amid sustained interest in
the broader market during the financial year under review. small-cap stocks before trading lower in November 2017 on profit-taking
The Fund commenced the financial year under review with an equity activities. The Index subsequently rebounded in December 2017 and
exposure of 78.0% and its equity exposure was subsequently reduced to continued to rally in January 2018 on the back of firmer oil prices and
below 75% in March 2018 as the Fund locked in profits on selected equity buying interest from foreign investors.
investments. The Fund subsequently ended the financial year under review
with an equity exposure of 76.5%. Based on an average equity exposure of
76.93%, the Fund’s equity portfolio is deemed to have registered a return
of -5.37% to the Fund as a whole for the financial year under review. A full
review of the performance of the equity markets is tabled in the following
sections.

8 • Public SmallCap Fund Public SmallCap Fund • 9

Manager’s Report Manager’s Report

In early February 2018, the FBMSC Index fell in tandem with global markets
amid concerns over the prospect of higher-than-expected interest rates
in the U.S. The Index continued its downtrend in March and April 2018
Malaysia’s Annual GDP Growth
7.0
amid profit-taking activities before consolidating in May and June 2018
6.0
on uncertainties post the 14th General Election. The Index was bolstered 6.0 5.5
5.9

by export-oriented stocks in July 2018 in tandem with the weaker Ringgit 5.1 5.2

before subsequently taking a breather in August 2018. The FBMSC Index 5.0 4.7
4.2
closed at 14,453.18 points to register a decline of 13.70% for the financial
4.0
year under review. %

3.0

FTSE Bursa Malaysia KLCI 2.0

(31 August 2017 - 31 August 2018)
1,950 1.0

1,900 0.0
2012 2013 2014 2015 2016 2017 2018F
1,850

Source: Bloomberg
1,800
Index

1,750
1,700
1,650
1,600
Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18
The regional equity markets, as proxied by the Morgan Stanley Capital
International All Country Far-East Ex-Japan (MSCI FExJ) Index,
commenced the financial year under review at 624.47 points. The Index
moved higher for the remainder of 2017, driven by improving liquidity
conditions in China, a rosier economic outlook, robust corporate earnings
as well as the strengthening of regional currencies against the U.S. Dollar.
The MSCI FExJ Index started 2018 on a strong note but subsequently
retreated from February to August 2018, weighed by concerns over the
prospect of faster-than-expected interest rate hikes in the U.S. as well as
trade tensions between the U.S. and China. The MSCI FExJ Index closed
at 624.25 points to register a decline of 0.04% (-3.80% in Ringgit terms) for
the financial year under review.
The Singapore market registered a return of -6.47% (in Ringgit terms) for
the financial year under review.
Money Market Review
The Overnight Rate commenced the financial year under review at 2.97%
and ended the financial year under review higher at 3.25%.
Economic Review
Malaysia’s GDP growth eased from 5.9% in 2017 to 4.9% in 1H 2018 on
the back of slower investment spending and export growth. Growth in
manufacturing activities moderated from 6.0% in 2017 to 5.1% in 1H 2018.
Meanwhile, growth in the services sector rose from 6.2% to 6.5% over the
same period.
Malaysia’s export growth softened to 7.0% in 1H 2018 compared to
18.9% for the whole of 2017 due mainly to slower exports of electrical and
electronic products. Import growth decelerated to 3.4% from 19.9% over
the same period on the back of lower imports of capital and intermediate
goods. Malaysia’s cumulative trade surplus widened to RM60.6 billion in
1H 2018 compared to RM42.9 billion in the corresponding period of the
prior year. Led by capital inflows, Malaysia’s foreign reserves increased to
US$104.5 billion as at end-July 2018 compared to US$99.4 billion a year
ago.
Malaysia’s inflation rate slowed to 1.4% in the first seven months of 2018
from 3.7% in 2017 amid moderating food prices and transportation costs.
Bank Negara Malaysia (BNM) maintained the Overnight Policy Rate (OPR)
at 3.25% to support economic activities. Loans growth climbed to 5.3% in
the first seven months of 2018 from 4.1% in 2017 due to higher demand
from the household sector.
The Ministry of Finance (MOF) announced a new Sales and Services Tax
(SST) effective 1 September 2018. The sales tax is set at two rates of
5% and 10% for selected manufactured and imported products while the
services tax is fixed at 6% for selected services. The MOF projects the SST
to bring in revenues amounting to RM4.0 billion for 4Q 2018.
In South-East Asia, Singapore’s GDP growth strengthened from 3.6% in
2017 to 4.2% in 1H 2018, helped by robust manufacturing and services
activities.
Led by higher investment spending and export growth, U.S. GDP growth
rose from 2.2% in 2017 to 2.7% in 1H 2018. Investment spending increased
from 4.8% in 2017 to 5.5% in 1H 2018 due to higher non-residential
investment. Likewise, export growth expanded from 3.0% to 5.0% over the
same period.
At the Federal Open Market Committee (FOMC) meeting on 31 July-
1 August 2018, the Federal Reserve maintained the Federal funds rate
target range at 1.75%-2.00%. The FOMC members noted that the ongoing
strength of the economy would warrant further hikes in the Federal funds
rate on a gradual basis.

10 • Public SmallCap Fund Public SmallCap Fund • 11

Manager’s Report Manager’s Report

Eurozone GDP growth inched down from 2.5% in 2017 to 2.3% in 1H 2018 Policy on Soft Commissions
amid slower economic growth in Germany and Italy. At its monetary policy
meeting on 26 July 2018, the European Central Bank (ECB) kept its main The management company may receive goods or services which include
refinancing and deposit rates at 0.00% and -0.40% respectively. The ECB research materials, data and quotation services and investment related
will continue its quantitative easing program at a monthly pace of €30 billion publications by way of soft commissions provided they are of demonstrable
until end-September 2018. Thereafter, the monthly pace of bond-buying benefit to the Fund and unitholders.
will be reduced to €15 billion until the end of the program in end-December During the financial year under review, P SmallCap has not received goods
2018, subject to the medium-term inflation outlook.
or services by way of soft commissions.
In a referendum held on 23 June 2016, British voters voted in favour of
exiting the European Union (EU). The United Kingdom (UK) formally
notified of its exit from the EU under Article 50 on 29 March 2017 that
commences a 2-year process of trade negotiations with the EU.

Outlook and Investment Strategy

Global and regional equity markets experienced volatile trading conditions
in 1H 2018 on concerns over the prospect of higher U.S. interest rates and
the U.S. government’s proposed trade protectionist measures. After firming
in July as foreign selling subsided, regional equity markets traded mixed
in August amid concerns over the Turkish lira crisis. While the weakness
of emerging market currencies as well as U.S.-China trade tensions may
result in volatile market conditions in the near term, the performance of
equity markets over the longer term will depend on the economic outlook
and market valuations of the U.S., Europe and the Asia Pacific region.
U.S. economic growth is projected to strengthen from 2.2% in 2017 to 2.9%
in 2018, driven by higher investment spending on the back of tax reform
measures.
In the Eurozone, economic growth is envisaged to ease from 2.5% in
2017 to 2.1% in 2018 on expectations of a moderation in consumer and
investment spending.
In South-East Asia, Singapore’s GDP growth is estimated to slow from 3.6%
in 2017 to 3.0% in 2018 on expectations of softening domestic demand.
On the domestic front, Malaysia’s GDP growth is expected to ease from
5.9% in 2017 to 5.2% in 2018 on the back of moderating export growth.
However, domestic demand is projected to be supported by resilient
consumer spending.
As at end-August 2018, the local stock market was trading at a prospective
P/E ratio of 17.7x, which was above its 10-year average of 16.5x. The
market’s dividend yield was 3.09%.
Valuations of regional markets in South-East Asia were generally mixed
relative to their historical averages following their respective performances
over the same period.
Given the above factors, the Fund will continue to rebalance its investment
portfolio according to its objective of achieving high capital growth through
investments in companies with small market capitalisation with special
focus on growth stocks.
Notes: Q = Quarter
H = Half

12 • Public SmallCap Fund Public SmallCap Fund • 13

Trustee’s Report Statement By Manager
For the Financial Year Ended 31 August 2018

To the Unitholders of
PUBLIC SMALLCAP FUND
We, AMANAHRAYA TRUSTEES BERHAD, have acted as Trustee of
PUBLIC SMALLCAP FUND for the financial year ended 31 August 2018. In
our opinion, PUBLIC MUTUAL BERHAD, the Manager, has operated and
managed PUBLIC SMALLCAP FUND in accordance with the limitations
imposed on the investment powers of the management company under the
Deed, securities laws and the applicable Guidelines on Unit Trust Funds
during the financial year then ended.
We are also of the opinion that:
(a) Valuation and pricing is carried out in accordance with the Deed and
any regulatory requirement;
(b) Creation and cancellation of units are carried out in accordance with
the Deed and any regulatory requirement; and
(c) The distribution of income made by PUBLIC SMALLCAP FUND as
declared by the Manager is appropriate and reflects the investment
objective of PUBLIC SMALLCAP FUND.
We, TAN SRI DATO’ SRI TAY AH LEK and QUAH POH KEAT, being two
of the directors of PUBLIC MUTUAL BERHAD, do hereby state that, in
the opinion of the Manager, the accompanying statement of assets and
liabilities as at 31 August 2018 and the related statement of income and
expenditure, statement of changes in net asset value and statement of
cash flows for the financial year ended on that date together with the notes
thereto, are drawn up in accordance with Malaysian Financial Reporting
Standards and International Financial Reporting Standards so as to give a
true and fair view of the financial position of PUBLIC SMALLCAP FUND as
at 31 August 2018 and of its financial performance, changes in net asset
value and cash flows for the financial year then ended and comply with the
requirements of the Deeds.
For and on behalf of the Manager

TAN SRI DATO’ SRI TAY AH LEK

Yours faithfully
AMANAHRAYA TRUSTEES BERHAD

QUAH POH KEAT

HABSAH BINTI BAKAR 24 September 2018

Chief Executive Officer

Kuala Lumpur, Malaysia

27 September 2018

14 • Public SmallCap Fund Public SmallCap Fund • 15

Independent Auditors’ Report
Independent auditors’ report to the Unitholders of
PUBLIC SMALLCAP FUND
Report on the audit of the financial statements
Opinion
We have audited the financial statements of PUBLIC SMALLCAP FUND
(“the Fund”), which comprise the statement of assets and liabilities as at
31 August 2018, and the statement of income and expenditure, statement of
changes in net asset value and statement of cash flows of the Fund for the
financial year then ended, and notes to the financial statements, including
a summary of significant accounting policies, as set out on pages 19 to 40.
In our opinion, the accompanying financial statements give a true and fair
view of the financial position of the Fund as at 31 August 2018, and of its
financial performance and its cash flows for the financial year then ended
in accordance with Malaysian Financial Reporting Standards (“MFRS”) and
International Financial Reporting Standards (“IFRS”).
Basis for opinion
We conducted our audit in accordance with approved standards on auditing
in Malaysia and International Standards on Auditing. Our responsibilities
under those standards are further described in the Auditors’ responsibilities
for the audit of the financial statements section of our report. We believe
that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Independence and other ethical responsibilities
We are independent of the Fund in accordance with the By-Laws (on
Professional Ethics, Conduct and Practice) of the Malaysian Institute of
Accountants (“By-Laws”) and the International Ethics Standards Board for
Accountants’ Code of Ethics for Professional Accountants (“IESBA Code”),
and we have fulfilled our other ethical responsibilities in accordance with
the By-Laws and the IESBA Code.
Information other than the financial statements and auditors’ report
thereon
The Manager of the Fund is responsible for the other information. The other
information comprises the information included in the Annual Report of the
Fund, but does not include the financial statements of the Fund and our
auditors’ report thereon.
Our opinion on the financial statements of the Fund does not cover the other
information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements of the Fund, our
responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the financial
statements of the Fund or our knowledge obtained in the audit or otherwise
appears to be materially misstated. If, based on the work we have performed,
we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard.
16 • Public SmallCap Fund
Independent Auditors’ Report (cont’d)
Report on the audit of the financial statements (cont’d)
Responsibility of the Manager and Trustee for the financial statements
The Manager of the Fund is responsible for the preparation of financial
statements of the Fund that give a true and fair view in accordance with
MFRS and IFRS. The Manager is also responsible for such internal control
as the Manager determines is necessary to enable the preparation of financial
statements of the Fund that are free from material misstatement, whether
due to fraud or error.
In preparing the financial statements of the Fund, the Manager is responsible
for assessing the Fund’s ability to continue as a going concern, disclosing,
as applicable, matters related to going concern and using the going concern
basis of accounting unless the Manager either intends to liquidate the Fund
or to cease operations, or has no realistic alternative but to do so.
The Trustee is responsible for overseeing the Fund’s financial reporting
process. The Trustee is also responsible for ensuring that the Manager
maintains proper accounting and other records as are necessary to enable
true and fair presentation of these financial statements.
Auditors’ responsibility for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial
statements of the Fund as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditors’ report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not
a guarantee that an audit conducted in accordance with approved standards
on auditing in Malaysia and International Standards on Auditing will always
detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of
users taken on the basis of these financial statements.
As part of an audit in accordance with approved standards on auditing in
Malaysia and International Standards on Auditing, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial
statements of the Fund, whether due to fraud or error, design and perform
audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of
internal control.
• Obtain an understanding of internal control relevant to the audit in order
to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness
of the Fund’s internal control.
• Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made
by the Manager.
Public SmallCap Fund • 17
Independent Auditors’ Report (cont’d) Statement Of Assets And Liabilities
As at 31 August 2018

Report on the audit of the financial statements (cont’d) Note 2018 2017
MYR’000 MYR’000
Auditors’ responsibility for the audit of the financial statements (cont’d) Assets
• Conclude on the appropriateness of Manager’s use of the going concern Investments 4 925,847 1,016,850
basis of accounting and, based on the audit evidence obtained, whether Tax recoverable 365 365
a material uncertainty exists related to events or conditions that may cast Other receivables 702 217
significant doubt on the Fund’s ability to continue as a going concern. Deposits with financial institutions 6 156,009 168,778
If we conclude that a material uncertainty exists, we are required to Cash at banks 7 45,775 55,521
draw attention in our auditors’ report to the related disclosures in the 1,128,698 1,241,731
financial statements of the Fund or, if such disclosures are inadequate, Liabilities
to modify our opinion. Our conclusions are based on the audit evidence Due to brokers/financial institutions, net 8 229 -
obtained up to the date of our auditors’ report. However, future events or Due to the Manager, net 9 2,895 2,401
conditions may cause the Fund to cease to continue as a going concern. Other payables 20 55
• Evaluate the overall presentation, structure and content of the financial Distribution payable 67,348 78,093
statements of the Fund, including the disclosures, and whether the 70,492 80,549
financial statements of the Fund represent the underlying transactions
and events in a manner that achieves fair presentation. Total net assets 1,058,206 1,161,182
We communicate with the Manager regarding, among other matters, the Net asset value (“NAV”) attributable
planned scope and timing of the audit and significant audit findings, including to unitholders (Total equity) 10 1,058,206 1,161,182
any significant deficiencies in internal control that we identify during our audit.
Units in circulation (in ’000) 11 1,346,959 1,301,558
Other matters
NAV per unit, ex-distribution (in sen) 78.56 89.21
This report is made solely to the unitholders of the Fund, as a body, in
accordance with Guidelines on Unit Trust Funds issued by Securities
Commission Malaysia and for no other purpose. We do not assume
The accompanying notes are an integral part of this statement.
responsibility to any other person for the content of this report.

Ernst & Young Ng Sue Ean

AF: 0039 No. 03276/07/2020 J
Chartered Accountants Chartered Accountant

Kuala Lumpur, Malaysia

24 September 2018

18 • Public SmallCap Fund Public SmallCap Fund • 19

Statement Of Income And Expenditure Statement Of Changes In Net Asset Value
For the Financial Year Ended 31 August 2018 For the Financial Year Ended 31 August 2018

Note 2018 2017 Unitholders’ Retained

MYR’000 MYR’000 Note capital earnings Total
Income MYR’000 MYR’000 MYR’000
Interest income 4,846 5,393
Distribution income 8,090 6,544 As at 1 September 2016 782,530 278,718 1,061,248
Dividend income 22,431 25,940 Creation of units 89,915 - 89,915
Net (loss)/gain from investments 4 (90,963) 125,073 Cancellation of units (54,228) - (54,228)
Net realised/unrealised foreign Net income after taxation - 142,340 142,340
exchange loss (2,333) (296) Distribution 16 (20,179) (57,914) (78,093)

(57,929) 162,654 As at 31 August 2017 798,038 363,144 1,161,182

Less: Expenses
Trustee’s fee 13 627 636
Management fee 14 17,773 18,612 As at 1 September 2017 798,038 363,144 1,161,182
Audit fee 7 7 Creation of units 101,101 - 101,101
Tax agent’s fee 3 3 Cancellation of units (59,359) - (59,359)
Brokerage fee 437 343 Net loss after taxation - (77,370) (77,370)
Administrative fees and expenses 52 95 Distribution 16 (1,712) (65,636) (67,348)
18,899 19,696 As at 31 August 2018 838,068 220,138 1,058,206
Net (loss)/income before taxation (76,828) 142,958
Taxation 15 (542) (618)
The accompanying notes are an integral part of this statement.
Net (loss)/income after taxation (77,370) 142,340
Net (loss)/income after taxation is
made up as follows:
Realised 66,123 57,296
Unrealised (143,493) 85,044
(77,370) 142,340
Final distribution for the financial year 16 67,348 78,093

The accompanying notes are an integral part of this statement.

20 • Public SmallCap Fund Public SmallCap Fund • 21

Statement Of Cash Flows Notes To The Financial Statements
For the Financial Year Ended 31 August 2018 31 August 2018

2018 2017 1. The Fund, The Manager and Their Principal Activities
MYR’000 MYR’000
Cash flows from operating activities The Public SmallCap Fund (hereinafter referred to as “the Fund”) was
Proceeds from sale of investments 102,746 99,860 set up pursuant to the execution of a Supplemental Master Deed dated
Purchase of investments (102,914) (69,649) 22 May 2000 between the Manager, Public Mutual Berhad, the Trustee,
Maturity of deposits 37,736,681 43,999,384 AmanahRaya Trustees Berhad and the registered unitholders of the
Placement of deposits (37,723,912) (43,968,349) Fund. The Fund is governed by a Master Deed dated 28 January 1999
and subsequent Supplemental Master Deeds (collectively referred to
Interest income received 4,846 5,398
as “Deeds”).
Net distribution income received 7,133 6,343
Net dividend income received 22,362 26,140 The Fund’s objective is to achieve high capital growth through
Trustee’s fee paid (627) (643) investments in companies with small market capitalisation with special
Management fee paid (18,013) (18,471) focus on growth stocks. The Fund invests in investments as defined
Audit fee paid (7) (7) in the Deeds. The Fund was launched on 13 June 2000 and will
Tax agent’s fee paid (3) (3) continue its operations until terminated by the Trustee as provided in
Payment of other fees and expenses (87) (123) the Master Deed.
Net cash inflow from operating activities 28,205 79,880 The Manager of the Fund is Public Mutual Berhad, a company
incorporated in Malaysia. Its principal activities are the management
Cash flows from financing activities of unit trusts and the sale of trust units. Its ultimate holding company is
Cash proceeds from units created 101,101 89,915 Public Bank Berhad, a licensed bank incorporated in Malaysia and listed
Cash paid on units cancelled (58,625) (54,092) on the Main Market of Bursa Malaysia Securities Berhad.
Distribution paid (78,093) (62,881)
Net cash outflow from financing activities (35,617) (27,058) 2. Summary of Significant Accounting Policies
Net (decrease)/increase in cash and cash (a) Basis of Preparation
equivalents (7,412) 52,822 The financial statements of the Fund have been prepared under
Effect of changes in foreign exchange rates (2,334) (337) the historical cost convention, as modified by the revaluation of
Cash and cash equivalents at the beginning financial assets and financial liabilities at fair value and comply
of the financial year 55,521 3,036 with Malaysian Financial Reporting Standards (“MFRS”) and
Cash and cash equivalents at the end of the International Financial Reporting Standards (“IFRS”).
financial year 45,775 55,521 The Fund has adopted MFRSs, Amendments and Issue Committee
(“IC”) Interpretations which were effective from periods beginning
on or after 1 January 2017. The adoption of these MFRSs,
The accompanying notes are an integral part of this statement. Amendments and IC Interpretations do not have any significant
impact on the financial statements of the Fund.
The Fund will adopt the following MFRSs, Amendments and IC
Interpretations when they become effective in the respective
financial periods and these MFRSs, Amendments and IC
Interpretations are not expected to have material impact to the
financial statements of the Fund upon the initial application.
Effective dates
for financial periods
beginning on or after
MFRS 9 - Financial Instruments (IFRS 9 - 1 January 2018
Financial Instruments as issued by
International Accounting Standards Board
in July 2014)
MFRS 15 - Revenue from Contracts with 1 January 2018
Customers *
Clarifications to MFRS 15 Revenue from 1 January 2018
Contracts with Customers *

22 • Public SmallCap Fund Public SmallCap Fund • 23

Notes To The Financial Statements
31 August 2018
2. Summary of Significant Accounting Policies (cont’d)
(a) Basis of Preparation (cont’d)
for financial periods
beginning on or after
Classification and Measurement of
Share-based Payment Transactions
(Amendments to MFRS 2) *
Applying MFRS 9 - Financial Instruments with
MFRS 4 - Insurance Contracts
(Amendments to MFRS 4) *
Annual Improvements to MFRS Standards
2014-2016 Cycle
(i) Amendments to MFRS 1 - First-time
Adoption of MFRSs
(ii) Amendments to MFRS 128 -
Investments in Associates and Joint
Ventures *
Transfers of Investment Property
(Amendments to MFRS 140) *
IC Interpretation 22 - Foreign Currency
Transactions and Advance Consideration
MFRS 16 - Leases *
Prepayment Features with Negative
Compensation (Amendments to MFRS 9) *
Plan Amendment, Curtailment or Settlement
(Amendments to MFRS 119 Employee
Benefits) *
Long-term Interests in Associates and Joint
Ventures (Amendments to MFRS 128) *
Annual Improvements to MFRS Standards
2015-2017 Cycle
(i) Previously Held Interest in a Joint
Operation (Amendments to MFRS 3
Business Combinations) *
(ii) Previously Held Interest in a Joint
Operation (Amendments to MFRS 11
Joint Arrangements) *
(iii) Income Tax Consequences of Payments
on Financial Instruments Classified as
Equity (Amendments to MFRS 112
Income Taxes) *
(iv) Borrowing Costs Eligible for Capitalisation
(Amendments to MFRS 123 Borrowing
Costs) *
IC Interpretation 23 - Uncertainty over
Income Tax Treatments *
Amendments to References to the
Conceptual Framework in MFRS Standards
(1) Amendments to MFRS 2 Share-Based
Payment *
(2) Amendment to MFRS 3 Business
Combinations *
24 • Public SmallCap Fund
Notes To The Financial Statements
31 August 2018
2. Summary of Significant Accounting Policies (cont’d)
(a) Basis of Preparation (cont’d)
Effective dates Effective dates
for financial periods
beginning on or after
1 January 2018 (3) Amendments to MFRS 6 Exploration
for and Evaluation of Mineral
Resources *
1 January 2018 (4) Amendment to MFRS 14 Regulatory
Deferral Accounts *
(5) Amendments to MFRS 101
Presentation of Financial Statements
(6) Amendments to MFRS 108 Accounting
Policies, Changes in Accounting
1 January 2018
Estimates and Errors
(7) Amendments to MFRS 134 Interim
1 January 2018
Financial Reporting
(8) Amendment to MFRS 137 Provisions,
Contingent Liabilities and Contingent
1 January 2018
Assets
(9) Amendment to MFRS 138 Intangible
1 January 2018
Assets *
(10) Amendment to IC Interpretation 12
1 January 2019
Service Concession Arrangements *
1 January 2019 (11) Amendment to IC Interpretation 19
Extinguishing Financial Liabilities with
1 January 2019 Equity Instruments *
(12) Amendment to IC Interpretation 20
Stripping Costs in the Production
1 January 2019 Phase of a Surface Mine *
(13) Amendment to IC Interpretation 22
Foreign Currency Transactions and
Advance Consideration
1 January 2019 (14) Amendments to IC Interpretation 132
Intangible Assets - Web Site Costs *
MFRS 17 - Insurance Contracts * 1 January 2021
1 January 2019 Sale or Contribution of Assets between an To be announced
Investor and its Associate or Joint Venture
(Amendments to MFRS 10 and MFRS 128) *
1 January 2019
* These MFRSs, Amendments and IC Interpretation are not relevant
to the Fund.
In November 2014, the Malaysian Accounting Standards Board
1 January 2019
(“MASB”) issued the final version of MFRS 9 Financial Instruments
that replaces MFRS 139 Financial Instruments: Recognition and
Measurement and all previous versions of MFRS 9. MFRS 9 brings
1 January 2019
together all three aspects of the accounting for financial instruments
project: classification and measurement, impairment and hedge
1 January 2020 accounting. MFRS 9 is effective for annual periods beginning on
or after 1 January 2018, with early application permitted. Except
for hedge accounting, retrospective application is required but
providing comparative information is not compulsory. For hedge
accounting, the requirements are generally applied prospectively,
with some limited exceptions.
Public SmallCap Fund • 25
Notes To The Financial Statements
31 August 2018
2. Summary of Significant Accounting Policies (cont’d)
(a) Basis of Preparation (cont’d)
During 2017, the Fund has performed a detailed impact assessment
of all three aspects of MFRS 9. This assessment is based on
currently available information and may be subject to changes
arising from further reasonable and supportable information being
made available to the Fund in 2018 when the Fund adopts MFRS 9.
Overall, the Fund expects no significant impact on its statement of
assets and liabilities except for the effect of applying the impairment
requirements of MFRS 9. The Fund does not expect an increase
in the loss allowance resulting in a negative impact on its assets
as discussed below.
Classification and measurement
The Fund does not expect a significant impact on its statement
of assets and liabilities on applying the classification and
measurement requirements of MFRS 9. It expects to continue
measuring at fair value all financial assets currently ‘held for trading’.
Receivables are held to collect contractual cash flows. The
Fund analysed the contractual cash flow characteristics of those
instruments and concluded that they meet the criteria for amortised
cost measurement under MFRS 9. Therefore, reclassification for
these instruments is not required.
Impairment
MFRS 9 requires the Fund to record expected credit losses on all
of its receivables, either on a 12-month or lifetime basis. The Fund
will apply the simplified approach and record lifetime expected
losses on all receivables. The Fund has determined that, due to
the short term nature of its receivables, the loss allowance will be
insignificant.
(b) Accounting Estimates and Judgements
The preparation of the Fund’s financial statements requires the
Manager to make judgements, estimates and assumptions that
affect the reported amounts of revenues, expenses, assets and
liabilities, and the disclosure of contingent liabilities at the reporting
date. However, uncertainty about these assumptions and estimates
could result in outcome that could require a material adjustment to
the carrying amount of an asset or a liability in the future.
There are no major judgements nor key assumptions concerning
the future and other key sources of estimation uncertainty at the
reporting date, that may cast significant doubt upon the Fund’s
ability to continue as a going concern. Therefore, the financial
statements continue to be prepared on the going concern basis.
(c) Fair Value Measurement
Fair value is the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market
participants at the measurement date.
26 • Public SmallCap Fund
Notes To The Financial Statements
31 August 2018
2. Summary of Significant Accounting Policies (cont’d)
(d) Financial Assets and Liabilities
Financial assets and financial liabilities are recognised in the
Statement of Assets and Liabilities when, and only when, the Fund
becomes a party to the contractual provisions of the instrument.
i) Financial Assets
The Fund determines the classification of its financial assets
at initial recognition, and the categories include financial
assets at fair value through profit or loss (“FVTPL”) and loans
and receivables.
When financial assets are recognised initially on trade date,
they are measured at fair value, plus, in the case of financial
assets not at FVTPL, directly attributable transaction costs.
Financial assets are derecognised on trade date when the
rights to receive cash flows from the investments have expired
or the Fund has transferred substantially all risks and rewards
of ownership.
• Financial Assets at FVTPL
Financial assets are classified as financial assets at
FVTPL if they are held for trading or are designated as
such upon initial recognition. Financial assets held for
trading are those acquired principally for the purpose of
selling in the near term. Subsequent to initial recognition,
financial assets at FVTPL are measured at fair value.
Changes in the fair value of those financial instruments
are recorded in “Net gain or loss on financial assets
at FVTPL”. Interest earned, distribution income and
dividend revenue elements of such instruments are
recorded separately in “Interest income”, “Distribution
income” and “Dividend income” respectively. Exchange
differences on financial assets at FVTPL are not
recognised separately in profit or loss but are included in
net gain or net loss on changes in fair value of financial
assets at FVTPL.
• Loans and Receivables
The Fund does not have any loans throughout the
financial year. Financial assets with fixed or determinable
payments that are not quoted in an active market are
classified as receivables. Such receivables include
amount due from brokers/financial institutions, amount
due from the Manager and other receivables. Subsequent
to initial recognition, these are measured at amortised
cost.
Public SmallCap Fund • 27
Notes To The Financial Statements
31 August 2018
2. Summary of Significant Accounting Policies (cont’d)
(d) Financial Assets and Liabilities (cont’d)
i) Financial Assets (cont’d)
• Loans and Receivables (cont’d)
For financial assets carried at amortised cost, the Fund
assesses at each reporting date whether there is any
objective evidence that a financial asset is impaired. If any
such evidence exists, the amount of impairment loss is
measured as the difference between the asset’s carrying
amount and the present value of estimated future cash
flows discounted at the financial asset’s original effective
interest rate. The carrying amount of the financial asset
is reduced and the amount of the loss is recognised in
profit or loss with the exception of receivables.
If in a subsequent period, the amount of the impairment
loss decreases and the decrease can be related
objectively to an event occurring after the impairment
was recognised, the previously recognised impairment
loss is reversed to the extent that the carrying amount
of the asset does not exceed its amortised cost at the
reversal date. The amount of reversal is recognised in
profit or loss.
ii) Financial Liabilities
Financial liabilities are classified according to the substance of
the contractual arrangements entered into and the definitions
of a financial liability.
Financial liabilities are recognised initially at fair value and
subsequently stated at amortised cost. The Fund includes
in this category amount due to brokers/financial institutions,
amounts due to the Manager and the Trustee, and other
payables. A financial liability is derecognised when it is settled.
(e) Foreign Currency
i) Functional and Presentation Currency
The financial statements of the Fund are measured using
the currency of the primary economic environment in which
the Fund operates (“the functional currency”). The financial
statements are presented in Malaysian Ringgit (“MYR”), which
is also the Fund’s functional currency.
ii) Foreign Currency Transactions
Transactions in foreign currencies are measured and recorded
in the functional currency of the Fund on initial recognition at
exchange rates approximating those ruling at the transaction
dates. Monetary assets and liabilities denominated in foreign
currencies are translated at the rate of exchange ruling at
the reporting date. Non-monetary items denominated in
foreign currencies that are measured at historical cost are
translated using the exchange rates as at the dates of the
initial recognition.
28 • Public SmallCap Fund
Notes To The Financial Statements
31 August 2018
2. Summary of Significant Accounting Policies (cont’d)
(e) Foreign Currency (cont’d)
ii) Foreign Currency Transactions (cont’d)
Exchange differences arising from translation of monetary
items at the reporting date are recognised in profit or loss.
Exchange differences arising from the translation of non-
monetary financial assets at FVTPL are included in profit
or loss.
(f) Unitholders’ Capital
The Unitholders’ contributions to the Fund meet the definition of
puttable instruments and are classified as equity instruments.
Distribution equalisation represents the average distributable
amount included in the creation and cancellation prices of units.
This amount is either refunded to Unitholders by way of distribution
and/or adjusted accordingly when units are cancelled.
(g) Cash and Cash Equivalents
Cash and cash equivalents comprise cash at licensed banks which
are subject to an insignificant risk of changes in value.
(h) Income
Income is recognised to the extent that it is probable that the
economic benefits will flow to the Fund and the income can
be reliably measured. Income is measured at the fair value of
consideration received or receivable, and is presented gross of any
non-recoverable withholding taxes, which is disclosed separately
in the statement of income and expenditure.
Distribution income and dividend income are recognised on the
date when the Fund’s right to receive the payment is established.
Interest income for all interest-bearing financial instruments and
accretion of discount/amortisation of premium are recognised using
the effective interest method.
(i) Taxation
Current tax assets and liabilities are measured at the amount
expected to be recovered from or paid to the tax authorities. The
tax rate and tax laws used to compute the amount are those that
are enacted or substantively enacted by the reporting date. The
Fund may also incur withholding taxes on income received from
financial instruments.
(j) Related Parties
Related parties refer to Public Bank Berhad and its subsidiaries.
Public SmallCap Fund • 29
Notes To The Financial Statements Notes To The Financial Statements
31 August 2018 31 August 2018

3. Financial Risk and Capital Management Policies
The Fund is exposed to a variety of financial risks, which include market
risk (such as price risk and currency risk), credit risk, single issuer risk
and liquidity risk. The overall financial risk management objective of
the Fund is to mitigate capital loss.
Financial risk management is carried out through policy reviews, internal
control systems and adherence to the investment powers and restrictions
stipulated in the Guidelines on Unit Trust Funds issued by Securities
Commission Malaysia.
(a) Market Risk
Market risk arises when the value of the securities fluctuates in
response to the activities of individual companies, and general
market or economic environments. Market risk is managed
through portfolio diversification and changes in asset allocation.
It comprises the following risks:
3. Financial Risk and Capital Management Policies (cont’d)
(c) Single Issuer Risk
The Fund is restricted to invest in securities issued by any issuer
of not more than a certain percentage of its net asset value. Under
such restriction, the exposure risk to the securities of a single
issuer is minimised.
(d) Liquidity Risk
The Fund maintains a sufficient level of liquid assets to meet
anticipated payments and redemption by unitholders. Liquid assets
comprise cash, deposits with licensed financial institutions and
other instruments, which can be converted into cash within
7 days. The Fund’s policy is to maintain a prudent level of liquid
assets and monitoring of the daily creation and cancellation of
units so as to manage liquidity risk.

i) Price Risk
Price risk is the risk that prices of equity securities and
collective investment funds rise or fall as a result of changes
in factors specific to a particular security or general market
conditions.
The increase/(decrease) in the NAV attributable to unitholders
as at reporting date, assuming equity and collective investment
funds’ prices change by +/(-) 5% with all other variables held
constant, is +/(-) MYR43,057,000 (2017: +/(-) MYR48,317,000).
This analysis is for illustration purpose only and not an
indication of future variances.
ii) Currency Risk
4. Investments
The Fund’s financial liabilities have contractual maturities of not
more than six (6) months.
(e) Capital Management
Capital is represented by unitholders’ subscription to the Fund.
The amount of capital can change significantly on a daily basis
as the Fund is subject to daily redemption and subscription at
the discretion of unitholders. The Manager manages the Fund’s
capital in accordance to its objective as stated in Note 1, while
maintaining sufficient liquidity to meet unitholders’ redemption as
explained in Note (d) above.

The Fund invests in financial instruments denominated in 2018 2017

currencies other than its functional currency. Consequently, MYR’000 MYR’000
the Fund is exposed to risks arising from changes in the Financial assets at FVTPL
exchange rate of its functional currency relative to other - Equity securities 754,013 852,679
foreign currencies that might significantly impact the value of - Collective investment funds 107,131 113,662
the Fund’s assets or liabilities denominated in currencies other - Collective investment schemes 64,703 50,509
than Malaysian Ringgit.
925,847 1,016,850
The increase/(decrease) in the NAV attributable to unitholders
as at reporting date, assuming exchange rates of foreign The Fund’s investments are carried at fair value, which were determined
currencies fluctuate by +/(-) 5% with all other variables held using prices in active markets for identical assets.
constant, is +/(-) MYR2,941,000 (2017: +/(-) MYR3,368,000).
Quoted equity securities and collective investment funds
This analysis is for illustration purpose only and not an
indication of future variances. Fair value is determined directly by reference to the published market
price at the reporting date.
(b) Credit Risk
The market prices of the above quoted financial instruments are
Credit risk refers to the ability of an issuer or a counterparty to make determined by reference to information made publicly available by the
timely payments of interest, principals and proceeds from realisation respective stock exchanges.
of investments. The Fund invests only in debt securities with at least
investment grade credit rating by the relevant credit rating agencies. Unquoted collective investment schemes
The Manager manages credit risk by setting counterparty limits and Fair value is determined based on the published net asset value per
undertaking credit evaluation to assess such risk. unit at the reporting date.

30 • Public SmallCap Fund Public SmallCap Fund • 31

Notes To The Financial Statements Notes To The Financial Statements
31 August 2018 31 August 2018

4. Investments (cont’d) 4. Investments (cont’d)

Fair Percent
FINANCIAL INSTRUMENTS - 31 AUGUST 2018
Quantity Cost Value of NAV
The equity securities and collective investment funds held by the Fund (in ’000) MYR’000 MYR’000 %
are categorised based on their principal business activities according EQUITY SECURITIES
to the Bloomberg Sector Classification System as at the reporting date (cont’d)
of the Statement of Assets and Liabilities.
Malaysia (cont’d)
Fair Percent
Quantity Cost Value of NAV Ordinary Shares (cont’d)
(in ’000) MYR’000 MYR’000 %
Financial (cont’d)
EQUITY SECURITIES Crescendo Corporation
Berhad 4,531 6,764 6,027 0.6
Malaysia Eastern & Oriental Berhad 7,920 11,421 12,277 1.2
Ordinary Shares Glomac Berhad 18,060 14,303 7,585 0.7
IGB Berhad 10,357 27,104 28,998 2.7
Communications KSL Holdings Berhad 27,455 21,923 23,337 2.2
TIME dotCom Berhad 9,727 18,669 79,761 7.5 Manulife Holdings Berhad 9,168 23,855 25,577 2.4
Consumer, Cyclical OSK Holdings Berhad 11,520 11,427 11,462 1.1
APM Automotive Holdings Paramount Corporation
Berhad 3,487 16,186 12,379 1.2 Berhad 4,396 6,766 9,364 0.9
Berjaya Food Berhad 4,416 8,053 6,138 0.6 UEM Edgenta Berhad 14,742 26,262 33,906 3.2
MBM Resources Berhad 5,880 20,929 13,642 1.3 170,786 197,796 18.7
Padini Holdings Berhad 7,114 7,253 42,539 4.0
Panasonic Manufacturing Industrial
Malaysia Berhad 237 8,114 9,488 0.9 Crest Builder Holdings
Berhad 3,064 3,120 2,727 0.3
60,535 84,186 8.0 Cypark Resources Berhad 8,364 17,099 20,073 1.9
Consumer, Non-cyclical Hong Leong Industries
Ajinomoto (Malaysia) Berhad 5,350 17,954 61,413 5.8
Berhad 349 7,709 7,434 0.7 Hume Industries Berhad 8,860 19,375 8,683 0.8
Eng Kah Corporation Kian Joo Can Factory
Berhad 1,525 4,865 1,555 0.2 Berhad 10,140 25,328 26,870 2.5
IJM Plantations Berhad 898 2,041 2,181 0.2 Lingkaran Trans Kota
Kawan Food Berhad 157 381 351 * Holdings Berhad 2,703 11,684 14,057 1.3
Sarawak Oil Palms Berhad 1,526 5,256 4,411 0.4 P.I.E. Industrial Berhad 2,953 2,066 4,134 0.4
TSH Resources Berhad 16,208 19,765 19,450 1.9 SAM Engineering &
United Malacca Berhad 914 6,053 5,620 0.5 Equipment (M) Berhad 1,642 12,177 12,461 1.2
SKP Resources Bhd 3,951 6,192 4,900 0.5
46,070 41,002 3.9 TA ANN Holdings Berhad 3,142 12,026 8,640 0.8
Tasek Corporation Berhad 268 2,690 1,798 0.2
Diversified
WCT Holdings Berhad 3,166 5,539 2,850 0.3
Malaysian Pacific Industries
Wellcall Holdings Berhad 8,602 11,997 11,183 1.0
Berhad 4,115 15,499 50,611 4.8
147,247 179,789 17.0
Energy
Velesto Energy Berhad 68,457 26,156 18,483 1.7 Technology
Globetronics Technology
Financial
Bhd 10,867 24,615 30,645 2.9
Allianz Malaysia Berhad 3,020 20,961 39,263 3.7
Prestariang Berhad 4,109 11,849 4,437 0.4
Unisem (M) Berhad 3,880 6,061 11,212 1.1
* Denote less than 0.1% of NAV. 42,525 46,294 4.4

32 • Public SmallCap Fund Public SmallCap Fund • 33

Notes To The Financial Statements Notes To The Financial Statements
31 August 2018 31 August 2018

4. Investments (cont’d) 4. Investments (cont’d)

Fair Percent Net (loss)/gain from investments for the financial year is as follows:
Quantity Cost Value of NAV
(in ’000) MYR’000 MYR’000 % 2018 2017
MYR’000 MYR’000
EQUITY SECURITIES Financial assets at FVTPL
(cont’d) - realised gain on disposal 50,823 39,689
- unrealised (loss)/gain on changes in
Malaysia (cont’d)
fair value (141,786) 85,384
Preference Shares
(90,963) 125,073
Financial
Allianz Malaysia Berhad - 5. Fair Value of Financial Instruments
Irredeemable Convertible
Preference Shares 2,771 8,821 36,854 3.5 The Fund uses the following hierarchy for determining and disclosing
IGB Berhad - Redeemable the fair value of financial instruments by valuation technique:
Convertible Preference
Level 1: Quoted prices per respective stock markets for identical
Shares 4,648 4,671 5,624 0.5
assets or liabilities.
13,492 42,478 4.0
Level 2: Inputs other than quoted prices included within Level 1 that
Singapore are observable for the asset or liability, either directly (as
prices) or indirectly (derived from prices).
Industrial
Riverstone Holdings Limited 3,949 12,372 13,613 1.3 Level 3: Inputs for the asset or liability other than observable market
data.
COLLECTIVE
INVESTMENT FUNDS As of end of the financial year, the Fund held the following financial
instruments carried at fair value on the Statement of Assets and
Malaysia Liabilities.
Financial Level 1 Level 2 Total
Axis Real Estate MYR’000 MYR’000 MYR’000
Investment Trust 22,507 26,512 33,536 3.2
CapitaLand Malaysia Mall As at 31 August 2018
Trust 14,150 14,442 16,272 1.5 Financial assets at FVTPL
IGB Real Estate Investment - Equity securities 754,013 - 754,013
Trust 33,135 45,777 57,323 5.4 - Collective investment funds 107,131 - 107,131
- Collective investment schemes - 64,703 64,703
86,731 107,131 10.1
861,144 64,703 925,847
COLLECTIVE
INVESTMENT SCHEMES As at 31 August 2017
Financial assets at FVTPL
Money Market Funds - Equity securities 852,679 - 852,679
managed by the - Collective investment funds 113,662 - 113,662
Manager - Collective investment schemes - 50,509 50,509
Public e-Cash Deposit Fund 54,371 54,443 54,540 5.1
Public Money Market Fund 10,000 10,000 10,163 1.0 966,341 50,509 1,016,850

64,443 64,703 6.1 There were no transfers between Level 1 and Level 2 during the current
TOTAL 704,525 925,847 87.5 and previous financial year.
The carrying amounts of financial assets and financial liabilities, other
Cost is translated to the Fund’s functional currency based on the than above, approximate fair values due to relatively short term maturity
exchange rate at the reporting date of the Statement of Assets and of these financial instruments.
Liabilities.

34 • Public SmallCap Fund Public SmallCap Fund • 35

Notes To The Financial Statements Notes To The Financial Statements
31 August 2018 31 August 2018

6. Deposits with Financial Institutions 10. Net Asset Value Attributable to Unitholders (Total Equity)
2018 2017
(cont’d)
MYR’000 MYR’000 2018 2017
Deposits with related licensed financial MYR’000 MYR’000
institutions 156,009 168,778 Retained earnings
- realised reserves 702 215
Weighted average rates of return for the financial year and the average - unrealised reserves 219,436 362,929
remaining maturities of deposits as of end of the financial year are as
follows: 220,138 363,144
Weighted Average Average Remaining
Rates of Return Maturities 11. Units in Circulation
2018 2017 2018 2017 As of end of the financial year, the total number of units in circulation
% % Days Days is as follows:
Money market deposits,
2018 2017
less than 1 year 3.17 3.04 3 4
No. of units No. of units
(in ’000) (in ’000)
7. Cash at Banks
At beginning of the financial year 1,301,558 1,257,622
2018 2017 Creation of units 115,806 104,730
MYR’000 MYR’000 Cancellation of units (70,405) (60,794)
Cash balances in licensed banks
- related parties 10,752 12,410 At end of the financial year 1,346,959 1,301,558
- others 35,023 43,111
45,775 55,521 12. Holdings of Units by the Manager and Related Parties
As of end of the financial year, the total number and value of units held
8. Due to Brokers/Financial Institutions, Net legally by the Manager and related parties are as follows:
2018 2017 2018 2017
MYR’000 MYR’000 No. of units No. of units
Amount due to (in ’000) MYR’000 (in ’000) MYR’000
- a related financial institution 53 -
The Manager 32 25 84 75
- other financial institutions 162 -
Directors of
- other stockbroking companies 14 -
the Manager 637 500 596 532
229 -
13. Trustee’s Fee
9. Due to the Manager, Net
Trustee’s fee is computed daily based on 0.06% per annum of the net
The net amount due to the Manager represents amount payable asset value, subject to a minimum fee of MYR18,000 per annum and a
for units cancelled and/or amount payable for management fee, maximum fee of MYR600,000 per annum.
net of amount receivable for the units created. Amounts for units
created/cancelled are receivable/payable within 10 days of creation/ 14. Management Fee
cancellation. Management fee is payable on a monthly basis.
Management fee is computed daily based on 1.50% per annum of the
net asset value. Where the Fund invests in a collective investment
10. Net Asset Value Attributable to Unitholders (Total Equity) scheme managed by the Manager, the management fee is charged
2018 2017 only once.
MYR’000 MYR’000
Unitholders’ capital 838,068 798,038
Retained earnings 220,138 363,144
1,058,206 1,161,182

36 • Public SmallCap Fund Public SmallCap Fund • 37

Notes To The Financial Statements Notes To The Financial Statements
31 August 2018 31 August 2018

15. Taxation 16. Distribution (cont’d)

2018 2017 2018 2017
MYR’000 MYR’000 MYR’000 MYR’000
Less: Expenses (18,899) (19,696)
Malaysian withholding tax 542 575
Foreign withholding tax - 43 67,348 78,093
542 618 Gross distribution per unit (sen) 5.00 6.00

Domestic income tax is calculated at the Malaysian statutory tax rate Net distribution per unit (sen) 5.00 6.00
of 24% of the estimated assessable income for the financial year.
Included in distribution for the financial year is an amount of MYR215,000
There is no Malaysian income taxation charge for the current financial (2017: MYR833,000) made from the previous financial year’s realised
year as all income are either exempt from tax or capital in nature. gain.
A reconciliation of income tax expense applicable to net (loss)/income
17. Transactions with Related and Other Brokers/Financial
before taxation at the statutory income tax rate to income tax expense
at the effective income tax rate of the Fund is as follows: Institutions
Percent
2018 2017 Percent Brokerage of Total
MYR’000 MYR’000 Value of of Total Fees and Fees and
Name Trade Trade Commissions Commissions
Net (loss)/income before taxation (76,828) 142,958
MYR’000 % MYR’000 %
Taxation at Malaysian statutory rate of 24% (18,439) 34,310 Public Investment
Tax effects of: Bank Berhad
- loss not allowed for tax deduction, net 13,903 - (related party) 65,419 44 148 43
- income not subject to tax, net - (39,037) Mercury Securities
- expenses not deductible for tax purposes 259 245 Sdn Bhd 63,144 42 143 42
- restriction on tax deductible expenses JPMorgan Securities
for unit trust funds 3,849 4,034 (Malaysia) Sdn
- tax deductible expenses not fully utilised 428 448 Bhd 5,773 4 13 4
Withholding tax 542 575 Macquarie Capital
Securities
542 575
(Malaysia) Sdn Bhd 4,541 3 10 3
Foreign withholding tax - 43
TA Securities
Tax expense 542 618 Holdings Berhad 3,705 3 8 2
Citigroup Global
Markets Malaysia
16. Distribution Sdn Bhd 3,564 2 9 3
Final distribution declared on 30 August 2018 (2017: 30 August 2017) CLSA Securities
to unitholders is derived from the following sources: Malaysia Sdn Bhd 2,051 1 5 2
Credit Suisse
2018 2017 Securities
MYR’000 MYR’000 (Malaysia) Sdn Bhd 669 1 2 1
Maybank Investment
Interest income 4,818 5,365 Bank Berhad 483 - 1 -
Distribution income 7,133 5,926 RHB Investment
Dividend income 22,172 25,753 Bank Berhad 378 - 1 -
Net realised gain on sale of investments 50,197 39,689 Others 410 - 1 -
Net realised gain on foreign exchange - 44
Previous financial year’s realised gain 215 833 150,137 100 341 100
Distribution equalisation 1,712 20,179
The directors of the Manager are of the opinion that transactions
86,247 97,789 with a related party have been entered into in the normal course of
business and have been established on terms and conditions that
are not materially different from that obtainable in transactions with
unrelated parties.
38 • Public SmallCap Fund Public SmallCap Fund • 39
Notes To The Financial Statements Corporate Information
31 August 2018

18. Management Expense and Portfolio Turnover Ratios Manager

Public Mutual Berhad (23419-A)
(a) Management Expense Ratio (“MER”)
Registered Office
The MER for the financial year is 1.54% (2017: 1.55%). It is the
8th Floor, Menara Public Bank 2
total management expenses expressed as an annual percentage
No. 78 Jalan Raja Chulan
of the Fund’s average net asset value.
50200 Kuala Lumpur
(b) Portfolio Turnover Ratio (“PTR”) Tel: 603-20226800
Fax: 603-20226900
The PTR for the financial year is 0.08 time (2017: 0.05 time). It
represents the average of the total acquisitions and disposals of Secretaries
the investments in the Fund for the financial year over the average Ms. Ting Lee Ling (MIA 16237)
net asset value of the Fund calculated on a daily basis. Ms. Tan Yii Ting (MIA 16160)

19. Segment Information Banker

Public Bank Berhad
For management purposes, the Fund is organised into one main
operating segment, which invests in various financial instruments and Trustee of the Fund
the analysis of the Fund’s investment income is as follows: AmanahRaya Trustees Berhad
Tingkat 2, Wisma AmanahRaya II
2018 2017 No. 21, Jalan Melaka
MYR’000 MYR’000
50100 Kuala Lumpur
(a) Investment Type
Equity securities (64,515) 154,513 Auditor of the Manager and the Fund
Collective investment funds (457) 2,265 Ernst & Young
Warrants - (26) Level 23A, Menara Milenium
Collective investment schemes 2,197 509 Jalan Damanlela
Deposits 4,846 5,393 Pusat Bandar Damansara
(57,929) 162,654 50490 Kuala Lumpur

(b) Regional Location Tax Adviser

Malaysia (55,841) 153,909 KPMG Tax Services Sdn Bhd
Asia Pacific region (1,461) 7,042 Level 10, KPMG Tower
United States (627) 1,703 8, First Avenue
Bandar Utama
(57,929) 162,654
47800 Petaling Jaya
Selangor Darul Ehsan

40 • Public SmallCap Fund Public SmallCap Fund • 41

Corporate Information Network Of Public Mutual Branch And Agency Offices
Board of Directors Head Office
Menara Public Bank 2,
Tan Sri Dato’ Sri Dr. Teh Hong Piow, Chairman No. 78 Jalan Raja Chulan,
50200 Kuala Lumpur.
Tan Sri Dato’ Sri Tay Ah Lek Tel: 03-20226800 Fax: 03-20226900
Hotline: 03-20225000
Dato’ (Dr) Haji Mohamed Ishak Bin Haji Mohamed Ariff Web: www.publicmutual.com.my
Mr. Quah Poh Keat Branches and Customer Service Centres
Dato’ Mohammed Najeeb Bin Abdullah West Malaysia
Dato’ Mohd Hanif Bin Sher Mohamed 1 Utama Shopping Centre
Lot LG-313-E,
Ms. Yeoh Kim Hong 1, Lebuh Bandar Utama,
Bandar Utama City Centre,
Bandar Utama,
Management Staff 47800 Petaling Jaya, Selangor.
Tel: 03-20225000 Fax: 03-77263811
Yeoh Kim Hong - Chief Executive Officer Alor Star
1888A & 1888B, Jalan Stadium,
Lum Ming Jang - Senior General Manager, Investment 05100 Alor Star, Kedah.
Tel: 04-7366500 Fax: 04-7310178
Lee Kean Gie - Senior General Manager, Senior Branch Manager:
Retail Business & Support Khaw Bee Ruh
Bangsar
Richard Tan Koon Eam - Senior General Manager,
11, 15 & 17, Jalan Bangsar Utama 3,
Information Technology Bangsar Utama,
59000 Kuala Lumpur.
Hang Siew Eng - Senior General Manager, Tel: 03-20225000 Fax: 03-22835739
Customer Service & Unit Trust Operations Senior Branch Manager:
Chooi Chan Yen
Evelyn Chu Swee Yin - General Manager,
Business Learning & Development Batu Pahat
119, Jalan Chengal,
Taman Makmur,
83000 Batu Pahat, Johor.
Senior Compliance Officer
Tel: 07-4363500 Fax: 07-4326588
Branch Manager:
Abdul Samad Bin Jaafar - Assistant General Manager, Rui Lee Chong Siew
Compliance
Bukit Mertajam
2646-2648, 2nd Floor,
Jalan Che Bee Noor,
14000 Bukit Mertajam,
Seberang Prai Tengah, Penang.
Tel: 04-5405000 Fax: 04-5376580
Branch Manager:
Cheryl Oon Lay Pheng
42 • Public SmallCap Fund
Butterworth
4223, Jalan Bagan Luar,
12000 Butterworth, Penang.
Tel: 04-3141500 Fax: 04-3317775
Senior Branch Manager:
Charmane Chew Hui Hsia
Cheras
44-2, 44-3, 44-4 & 34-2,
Cheras Commercial Centre,
Jalan 5/101C, Off Jalan Kaskas,
56100 Cheras, Kuala Lumpur.
Tel: 03-20225000 Fax: 03-91321022
Senior Branch Manager:
Khoo Peng Seng
Damansara Perdana
1 & 3, Jalan PJU 8/5 I,
Perdana Business Centre,
Bandar Damansara Perdana,
47820 Petaling Jaya, Selangor.
Tel: 03-20225000 Fax: 03-77222475
Senior Branch Manager:
Ong Chen Hung
Ipoh
37 & 39, Persiaran Greentown 4,
Greentown Business Centre,
30450 Ipoh, Perak.
Tel: 05-2462500 Fax: 05-2559859
Senior Branch Manager:
Foong Kuan Mun
Johor Bahru
B-19, Jalan Molek 1/5A,
Taman Molek,
81100 Johor Bahru, Johor.
Tel: 07-3607500 Fax: 07-3548600
Senior Branch Manager:
Teng Lee Yen
Public SmallCap Fund • 43
Network Of Public Mutual Branch And Agency Offices
West Malaysia (cont’d)
Klang
28, 30 & 32,
Lorong Batu Nilam 3B,
Bandar Bukit Tinggi,
41200 Klang, Selangor.
Tel: 03-20225000 Fax: 03-33235632
Branch Manager:
Ng Tong Chia
Kluang
3, Jalan Dato Teoh Siew Khor,
86000 Kluang, Johor.
Tel: 07-7391500 Fax: 07-7736195
Branch Manager:
Tan Kheng Aun
Kota Bharu
PT 304 and PT 305,
Jalan Kebun Sultan,
15300 Kota Bharu, Kelantan.
Tel: 09-7263500 Fax: 09-7476026
Branch Manager:
Puan Abiesharni Abdul Kadir
Kuala Terengganu
1-C, Jalan Air Jernih,
20300 Kuala Terengganu,
Terengganu.
Tel: 09-6321500 Fax: 09-6317030
Branch Manager:
Chia Siang Hong
Kuantan
71 & 73, Jalan Haji Abdul Aziz,
25000 Kuantan, Pahang.
Tel: 09-5118500 Fax: 09-5161223
Branch Manager:
Sharon Ting Mooi Choon
Melaka
No. 929 & 930, Jalan Merdeka,
Taman Melaka Raya,
75000 Melaka.
Tel: 06-2855500 Fax: 06-2837354
Senior Branch Manager:
Carl Wong Yon Lian
Muar
46, Jalan Sayang,
84000 Muar, Johor.
Tel: 06-9562500
Fax: 06-9536830
Branch Manager:
Angie Ng Seow Mai
44 • Public SmallCap Fund
Penang
16, Lintang Burma,
10250 Pulau Tikus, Penang.
Tel: 04-2196500 Fax: 04-2295171
Senior Branch Manager:
Vincent Seow Weng Sim
Puchong
39 & 41, Jalan Puteri 1/4,
Bandar Puteri Puchong,
47100 Puchong, Selangor.
Tel: 03-20225000 Fax: 03-80653010
Branch Manager:
Bryan Koh Yi Earl
Seremban
1A & 1B, Jalan Tuanku Munawir,
70000 Seremban,
Negeri Sembilan.
Tel: 06-6372500 Fax: 06-7644237
Branch Manager:
Michael Wong Cheong Tee
Shah Alam
54 & 56, Jalan Pahat G15/G,
Kompleks Otomobil,
Persiaran Selangor,
Seksyen 15,
40200 Shah Alam, Selangor.
Tel: 03-20225000 Fax: 03-55139288
Branch Manager:
Eric Ng Swee Huat
Sungai Petani
9D & 9E,
Jalan Kampung Baru,
08000 Sungai Petani, Kedah.
Tel: 04-4558500 Fax: 04-4230663
Branch Manager:
Annie Ong Sok Nee
Temerloh
10,11 & 12, 2nd Floor,
Jalan Ahmad Shah,
Bandar Sri Semantan,
28000 Temerloh, Pahang.
Tel: 09-2955500 Fax: 09-2968060
Branch Manager:
Agnes Choong Lee Yoon
Network Of Public Mutual Branch And Agency Offices
East Malaysia
Bintulu
4, Lot 2646, Jalan Tun Ahmad Zaidi,
97000 Bintulu, Sarawak.
Tel: 086-859500 Fax: 086-330221
Branch Manager:
Lilian Lo Fui Ping
Kota Kinabalu
Lot 1-0-10, Ground & 1st Floor,
Lorong Api-Api 1, Api-Api Centre,
88000 Kota Kinabalu, Sabah.
Tel: 088-327500
Fax: 088-238389
Branch Manager:
Lim Shaw Siang
Kuching
Lot 205 & 206, Section 49,
Jalan Tunku Abdul Rahman,
93100 Kuching, Sarawak.
Tel: 082-226500 Fax: 082-239825
Senior Branch Manager:
Jones Chen Chung Sze
Miri
Lot 1380 (Ground & 1st Floor) &
Lot 1381 (1st Floor), Block 10,
Center Point Commercial Centre,
Phase II, Jalan Kubu,
98000 Miri, Sarawak.
Tel: 085-323500 Fax: 085-416195
Branch Manager:
Allan Ngo Say Khiang
Agency Offices
Penang (Bayan Baru)
Liang Wing Sim Agency Office
104, 1st Floor,
Jalan Mayang Pasir,
Taman Sri Tunas,
Bayan Baru,
11950 Bayan Lepas, Penang.
Tel: 04-6422170/1
Fax: 04-6411268
Sandakan
Lot 16, Block B, Ground Floor,
Bandar Maju Commercial Centre,
Mile 1.5, North Road,
90000 Sandakan, Sabah.
Postal Address:
Public Mutual Berhad,
Sandakan Branch
P.O. Box No. 3488,
90739 Sandakan, Sabah.
Tel: 089-231500 Fax: 089-222889
Senior Branch Manager:
Jonathan Yong Lok Sang
Sibu
10, Lorong 2,
Jalan Tuanku Osman,
96000 Sibu, Sarawak.
Tel: 084-363500 Fax: 084-330269
Branch Manager:
Tiong Kung Kuok
Tawau
TB 4437, Lot 28,
Block D, Sabindo Square,
Jalan Dunlop,
91000 Tawau, Sabah.
Tel: 089-982500 Fax: 089-765326
Branch Manager:
Janice Chong Mui Lin
Sarawak (Sarikei)
Ling Chai Kua Agency Office
No. 43, 1st Floor, Jalan Masjid Lama,
96100 Sarikei, Sarawak.
Tel: 084-654108
Fax: 084-653318
Public SmallCap Fund • 45
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46 • Public SmallCap Fund Public SmallCap Fund • 47

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48 • Public SmallCap Fund